May 19, 2026 18:45:00

Iran has launched a maritime insurance service using Bitcoin for ships passing through the Strait of Hormuz, according to semi-state media.

Since the US and Israeli

attack on Iran on February 28, 2026, the Islamic Revolutionary Guard Corps (IGSDF), Iran's military organization, has severely restricted passage through the Strait of Hormuz, located south of Iran. In April 2026, Iran planned to demand payment of tolls in cryptocurrency from ships attempting to pass through the strait. Furthermore, on May 16, 2026, media outlets affiliated with the Iranian Revolutionary Guard Corps reported that the Iranian Ministry of Economy had established a marine insurance platform called 'Hormuz Safe' for shipping companies seeking insurance for cargo passing through the Strait of Hormuz and the Persian Gulf.

عبور امن از تنگه با بیمه ایرانی هرمز |
https://farsnews.ir/N_bourbouri/1778906476310249155/%D8%B9%D8%A8%D9%88%D8%B1-%D8%A7%D9%85%D9%86-%D8%A7%D8%B2-%D8%AA%D9%86%DA%AF%D9%87-%D8%A8%D8%A7-%D8%A8%DB%8C%D9%85%D9%87-%D8%A7%DB%8C%D8%B1%D8%A7%D9%86%DB%8C-%D9%87%D8%B1%D9%85%D8%B2

Iran's Economy Ministry Proposes Insurance-Based Model to Manag…
https://farsnews.ir/Rahgozar_b/1778916889907171744/Irans-Economy-Ministry-Proposes-Insurance-Based-Model-to-Manage-Strait-of-Hormuz

Iran launches 'Hormuz Safe' Bitcoin insurance platform for Strait of Hormuz shipping
https://crypto.news/iran-launches-hormuz-safe-bitcoin-insurance-platform-for-strait-of-hormuz-shipping/

Bitcoin Insurance for Persian Gulf Cargo: Iran Launches Hormuz Safe, Claims $10B Revenue – Bitcoin News
https://news.bitcoin.com/bitcoin-insurance-for-persian-gulf-cargo-iran-launches-hormuz-safe-claims-10b-revenue/

The Strait of Hormuz is a vital shipping route from the Persian Gulf to the Indian Ocean and is a major transportation route for goods that account for about one-fifth of the world's oil supply. As a result, restrictions on navigation in the Strait of Hormuz have caused global crude oil prices to skyrocket, and U.S. President Donald Trump announced that he would halt military operations on the condition that Iran agree to the complete, immediate, and safe opening of the Strait of Hormuz. In response, Iran has presented a 10-point proposal, which includes the management of navigation in the Strait of Hormuz in cooperation with the Iranian military, and plans to impose a toll of '1 dollar per barrel (approximately 160 yen)' on oil tankers.

Iran plans to require ships passing through the Strait of Hormuz to pay tolls in cryptocurrency - GIGAZINE

Then, on May 16, 2026, Fars News Agency, a quasi-state news agency affiliated with the Iranian Revolutionary Guard Corps, reported that the Iranian Ministry of Economy had established 'Hormuz Safe,' a marine insurance platform for shipping companies seeking insurance for cargo passing through the Strait of Hormuz and the Persian Gulf.

Hormuz Safe uses cryptographic authentication to ensure the security of cargo transport, and is reported to function as insurance that protects cargo and vessels from risks such as inspection, detention, and confiscation by Iran once cryptocurrency payment is confirmed. In other words, while typical 'marine insurance' aims to compensate for accidents and damages, Hormuz Safe is seen as a 'guarantee system that reduces the risk of inspection and detention by Iran and ensures safe currency transfers.' Fars News Agency has not provided details on the specific mechanism or whether foreign shipping companies and vessels can use Hormuz Safe.

The insurance premiums for Hormuz Safe are planned to be paid using cryptocurrency, similar to tolls for ships. Iran has been under US economic sanctions for many years, severely restricting its ability to use dollar payments and access to international financial networks. It has been suggested that Iran is developing a payment network using cryptocurrency to circumvent these sanctions.

According to the financial news site Benzinga, Hormuz Safe is advertising itself as 'providing Iranian shipping companies and cargo owners with fast, verifiable digital insurance that is paid for in Bitcoin and settled at blockchain speed.' Fars News Agency reports that Iranian authorities predict that Hormuz Safe could generate more than $10 billion (approximately 1.6 trillion yen) in annual revenue if it can secure a significant portion of the region's marine insurance demand.

According to Bitcoin.com, a cryptocurrency service provider, Hormuz Safe explicitly excludes war damage caused by direct military attacks from its coverage. Furthermore, MARISKS, a Greek maritime risk management company, has warned shipping companies that fraudsters posing as Iranian authorities could be defrauding them of safe transit fees and insurance premiums. As of the time of writing, it remains unclear whether legitimate freight carriers will adopt Hormuz Safe, and if so, what the specific procedures will be. Regulatory authorities in the US and Europe are reportedly watching the situation closely.